The following is a guest post from Amy Burweigh of Aim Your Way, a company that offers property management and preservation services.
There is currently a strong market for luxury vacation homes in Arizona in cities like Scottsdale and Paradise Valley, even though the U.S. economy as a whole is not as strong as it was before the great recession. What this means is that a number of new and experienced home buyers have begun to start looking for luxury vacation real estate in Arizona in order to take advantage of current market conditions.
However, whether you have a lot of experience in this area or are buying a luxury vacation home for the first time, there are still a number of factors you should consider before you taking on your next mortgage or paying cash. Here are some of the most important tips to keep in mind.
1. Make sure you work with an expert who is local to the area. The luxury real estate market in Arizona is unique, and it is worth working with a real estate agent who has a thorough knowledge of the area in which you're interested. Word of mouth is commonly the only way many top of the line properties are listed, so it can really pay to know the right people.
2. Do your research ahead of time. This might mean making yourself aware of Homeowners' Association (HOA) fees or even the rules the HOA has in place for your community. There are additional costs attached to many luxury vacation homes in Arizona, and before you commit to buying, you should know if there are particular rules you'll have to follow or fees you'll have to pay on a monthly or yearly basis.
3. While a picture may be worth a thousand words, you can't buy real estate by trusting a picture. There are far too many excellent deals on luxury vacation homes in Arizona that get passed over simply because they didn't look good in pictures. However, many of these houses might look amazing if they were seen in person.
This is why it is essential to visit the luxury vacation homes you are interested in with a real estate agent. It might result in added time and effort, but a little extra work is more than worth it when it comes to finding the home of your dreams.
4. Don't hesitate to negotiate when there are hundreds of thousands of dollars on the line. While Arizona is experiencing a real estate rebound of sorts, there is still room to negotiate on certain luxury properties. Negotiating is worth trying; the worst the seller can say is no, and if the answer is yes, you'll have money in your pocket.
5. Document everything. This goes without saying for people with experience buying vacation homes, or homes in general, but it is still worth repeating. Don't throw away any of the paperwork you receive while trying to buy your home in Arizona. It might come in handy eventually.
In conclusion, there are a number of factors to consider before buying a vacation home in Arizona. First and foremost, it pays to work with an
expert who has experience over time in the area you are considering. Second, do your homework ahead of time by researching. Third, whenever possible make sure to pay physical visits to the homes that interest you. Fourth, it is worth negotiating on every property you find. Finally, be sure to document everything.